Source:
QBCC statement:
Firstly, thank you for your interest in the recent MFR-educative sessions held by QBCC across the state. If you attended in person, thank you for your attendance and I hope you got something out of the session.
If there is any further assistance or support that is required in understanding the financial requirements, please reach out, as I am available to provide smaller informative sessions or clarification on any issues, either face to face or via Teams if needed.
General Purpose v Special Purpose
I did commit to provide an update on the proposed legislative amendment affecting category 1-3 licensees, when providing an MFR Report, being able to rely upon special purpose financial statements (instead of the currently required general purpose financial statements). I can advise that unfortunately, there is no current change to MFR Regulation, and the matter is still with the Department of Energy and Public Works for review.
If this issue continues to be a pain point for accountants and/or licensees, the best I can suggest is that you raise this through your accounting body, or alternatively direct to the Department for their consideration.
Please note that the GPFS v SPFS issue does not affect the annual reporting requirements for categories 1-3 licensees – internal management accounts or SPFS for these licensees are still acceptable. For categories 4-7 licensees, GPFS are required to be provided for the 31 December 2023 annual reporting date.
Annual Reporting lodgements now open
The myQBCC portal is now open to lodge annual reporting submissions for licence categories 1 to 7, using the financial information for the financial year end 30 June 2023. Due date for lodgement is 31 December 2023, but you are encouraged to lodge the submissions as soon as the 30 June financials are available.